THE RUPEE: modest rise

The rupee maintained surge versus the dollar on the money market on Saturday in the process of trading, dealers said. The rupee recovered five paisas in relation to dollar for buying and selling at Rs 104.70 and Rs 104.90, they said. The rupee also managed to gain 10 paisas against the euro for buying and selling at Rs 119.30 and Rs 120.30, they added.
OPEN MARKET RATES: At the week-end, the dollar dipped against a basket of currencies, though it recouped much of its losses tied to news of slower-than-expected domestic job growth in April which supported ideas the Federal Reserve would not raise interest rates in June.
The dollar index, which measures the greenback against the euro, yen and four other currencies, was last down 0.1 percent at 93.696. It had fallen as much as 0.6 percent earlier in the day, after the government said US employers hired 160,000 workers in April, the fewest in seven months.

Open Market Rates: Open Market Rates For Dollar on Saturday.

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Open Bid       Rs 104.70

Open Offer     Rs 104.90

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RUPEE IN LAHORE: The Pak rupee-dollar parity was unchanged amid sluggish trading trend on the local currency market on Saturday.
According to the currency dealers, the dollar resumed trading at its overnight closing of Rs 105.05 and Rs 105.30 as its buying and selling rates, respectively. The dollar did not observe any change in its demand and supply situation that helped the local currency stability. As a result, the dollar's opening rate continued to prevail till close of trading at Rs 105.05 and Rs 105.30 on buying and selling sides, the dealers said.
On the contrary, the local currency remained under pressure and depreciated its worth on buying side while it improved its strength on selling side against the pound sterling that was bought and sold at Rs 150.60 and Rs 151.50 as compared with the Friday's closing of Rs 151.50 and Rs 152.00, they added.
RUPEE IN ISLAMABAD AND RAWALPINDI: The dollar further gained strength against the Pak rupee at the open currency markets of Islamabad and Rawalpindi, here on Saturday.
The dollar opened at Rs 106 (buying) and Rs 106.20 (selling) against same last rate. It did not observe further change in the second session and closed at Rs 106 (buying) and Rs 106.20 (selling).
Pound Sterling opened at Rs 158 (buying) and Rs 158.50 (selling) against same overnight value. It did not observe further change in the evening session and closed at Rs 158 (buying) and Rs 158.50 (selling).
Copyright Business Recorder, 2016